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08.02.202315:28 Analisis Forex & Kajian: USDJPY analysis for February 8th, 2023.

Exchange Rates 08.02.2023 analysis

Violet lines- Fibonacci retracements

Yellow rectangle- support area

Green lines- expected path

In our previous posts on USDJPY we warned of the potential pull back to close the gap it opened at the beginning of the week. Earlier today price closed the gap and from current levels or lower we expect a trend reversal. USDJPY has so far retraced 50% of the rise from the 128.10 lows. The yellow rectangle is support area and I expect price to reverse to the upside from inside it. Ideally we should see USDJPY retrace 61.8% of the entire rise from 128.10. Our most probable scenario suggests that USDJPY is in the process of forming a higher low and then starting a new upward move to push price towards 134-135.

* Analisis pasaran yang disiarkan di sini adalah bertujuan untuk meningkatkan kesedaran anda, tetapi tidak untuk memberi arahan untuk membuat perdagangan.

Alexandros Yfantis,
Analytical expert of InstaSpot
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